38058
Memphis, Tennessee

ZIP code 38058 shows contractionary pressure with a median sale price of $299,000, down 3.4% year-over-year as of February 2026. Market velocity has slowed considerably, with properties averaging 69 days to contract—indicating reduced urgency among buyers. Only 10% of homes are selling above list price, a clear departure from competitive market dynamics and suggesting sellers hold limited pricing power in current negotiations.

This environment favors patient buyers with financing secured who can leverage the 69-day average DOM to conduct thorough due diligence and negotiate below-ask transactions. The 90% of homes selling at or below list creates meaningful bargaining position for purchasers willing to wait out inventory. Sellers face headwinds and should price aggressively from listing day, as the 3.4% annual decline indicates overpriced homes will sit extended periods without offers.

The PropIQ score of 55 signals caution rather than crisis, suggesting stabilization remains possible but requires monitoring through Q2 2026. Price discovery continues as the market recalibrates from previous levels—watch for DOM extending beyond 75 days or sub-list sales exceeding 92%, which would indicate accelerating downward pressure. Absent demand catalysts, the negative price trajectory likely persists through spring selling season.